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Interest rate at lowest in history
09 January 2009
The interest rate was cut to its lowest rate in history yesterday as The Bank of England took it to 1.5%. This is the lowest eate since it was founded more than 300 years ago.
It said the world economy seemed to be in the grip of an "unusually sharp and synchronised downturn".
Chancellor Alistair Darling said after the announcement "We need to make sure that lending is passed on and credit is available for businesses".
A number of lenders, including HBOS, Lloyds TSB, HSBC and Nationwide, passed on the rate cut to mortgage-holders, while other banks reviewed rates.
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